Capital Strategy: Investing in Growth Opportunities (Positive Net Present Value Investing Opportunities) - committing the least amount of capital at the widest capital spreads (between expected returns and the cost of capital) for the longest periods. PNPV Considerations: Growth (how big), Duration (how long) and Risk (how great, relative to alternative investments).

A bad financing won't kill a good investment - but a good financing won't rescue a bad investment.

CEO                      (Corporate Culture, Ethics, Leadership)

Control-Corporate

Entrepreneurship

Governance-Corporate

Invention

R&D

Shareholder Value

Venture Capital